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The first loan I ever got was to buy my FZR600. I believe it was through American General. High interest, but they actually are decent otherwise, better than credit card cos.

Now older and wiser, there's not much I'd borrow high interest money for...I just don't need something so bad I'm willing to pay 18%+.
 

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I am not sure I if there is such a thing as a good high risk lender. The ones I had dealt with in the past including American General tend to want to sell you a bunch of other crap and include that in the monthly payment. Thank God my credit has gotten better.
 

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Oh yeah, they'll try to leverage the hell out of your info. I paid off the loan real quick, and for years afterwards they were spamming me.

I really liked the ability to walk into an office and talk to someone if I needed to, or to drop off a payment. Better people to deal with than say a credit card at a distance (who are normally awful with customer service IME).
 

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Discussion Starter #7
smoothrideronli said:
I am not sure I if there is such a thing as a good high risk lender. The ones I had dealt with in the past including American General tend to want to sell you a bunch of other crap and include that in the monthly payment. Thank God my credit has gotten better.
What kind of "crap"?
 

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Man, that was a long time ago...I'd guess 6 months or so, maybe a bit more. The loan term was 2 years and was secured by my car stereo.

The benefit of that deal was if my system was stolen, it was insured by AG, a cost that was built into the interest rate on the loan (which made it not too bad...).

It really helped me credit wise too.
 

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ReaperAZ said:
What kind of "crap"?
Mostly insurance...I was exaggerating a bit when I said all kinds...and then they spam you with a bunch of offers every other day...also the interest rate can be as bad as %25.
 

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In general they are good to stay away from, and that is about it.
However, if you are in a situation where you need to build your credit so you don't have to use one in the future, make sure you go with one that at the very minimun reports to the three credit agencies, otherwise you are wasting money.
Paying them off quick is the best bet, but always give any credit line six months on the books minimum.
If you get the loan, check around with banks and credit unions after six months and you should at least get a better rate.
 

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Discussion Starter #11
BDA116 said:
In general they are good to stay away from, and that is about it.
However, if you are in a situation where you need to build your credit so you don't have to use one in the future, make sure you go with one that at the very minimun reports to the three credit agencies, otherwise you are wasting money.
Paying them off quick is the best bet, but always give any credit line six months on the books minimum.
If you get the loan, check around with banks and credit unions after six months and you should at least get a better rate.
Ding, ding, ding, that's me. Need to build my credit back up.
 

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When I 1st began to establish my credit, I too had a loan through American General. I did'nt have bad credit, I just did'nt have any. :crap: The interest rates were high, 20+ something %. LTL is correct. They will offer you all kinds of insurances for job loss, collaterall loss, disability, etc. They just figure the insurances,etc. all into the total monthly payment. My situation was I needed money quick and had no options other than going through a high risk lender. My 1st loan was for $3000.oo for 24 months. 9 months into it I needed more money.... :( Used my car, a 1986 Escort GT and my home stereo as collateral and was still at my same job, so things looked good. Got another $2000.oo and had both loans from AG wrapped up into 1. A few months down the road realized the debt I was in, worked my ass off and paid AG off in about 12 months. Never wanted to be in that kind of financial trouble again. It taught me a good lesson though. I now have so much credit, but with respect for having it also, that I never have to go through anything like that ever again. After my loan was paid off, they sent me stuff for probably 2-3 years on a weekly basis. If your in a pinch and have a job with no other option, than a high risk lender is an easy ordeal. Usually get the money pretty quick and hassle-free. I dont know your specific reasons for needing this, nor am I asking either, but just figured I would share mine. There are more options available now then at the time I went with American General. About 12 years ago. Just be cautious and make sure that you really do NEED the money before you start signing away. Good Luck Reaper.
 

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I didn't opt for the ins on my collateral, it was part of the deal.

But I fully agree with your post SA. It's thin ice, and you have to be careful when you venture out there that you have a way to get off quick.
 

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ReaperAZ said:
Ding, ding, ding, that's me. Need to build my credit back up.
If you are just trying to rebuild the credit and nothing more (as in not needing the loan to buy something like a depreciating asset) then get a small loan (~$2000) and put it in a 6 month CD with your bank/CU. Make your payments each month, then after six months when the CD matures pay the loan off. Get a second loan at a better rate and do the same thing.
Rebuilding your credit is all about timely payments and time on laon books.

If you need to buy something then still keep it as small as possible and check lenders every six months to refi at a better rate.

But the first option is the best. You won't be making any money off it, but you will be establishing yourself and keeping your losses in check.
 

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If the loan is for a car or any other depreciating asset, make damn sure that you plan to keep the car until the last payment is made. You will always owe more than the asset is worth. :twocents:
 

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Check your score and get a report. See what is bad on the report and fix it. Most people assume a good loan is the way to fix your credit rating but there are other things that factor in. For instance debt to credit ratio, renting one place for time, longevity of job, etc. Before you deal with a shark I would suggest pulling the reports and seeing if you can get with a credit union to discuss ways to improve the score (DO NOT AGREE TO ANYTHING DURING THE MEETING, INFORMATIONAL ONLY). Always remember they are selling banking services so the answer is for you to buy those services. Take the advice given and think on it before doing anything.
 

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BDA116 said:
If you are just trying to rebuild the credit and nothing more (as in not needing the loan to buy something like a depreciating asset) then get a small loan (~$2000) and put it in a 6 month CD with your bank/CU. Make your payments each month, then after six months when the CD matures pay the loan off. Get a second loan at a better rate and do the same thing.
Rebuilding your credit is all about timely payments and time on laon books.

If you need to buy something then still keep it as small as possible and check lenders every six months to refi at a better rate.

But the first option is the best. You won't be making any money off it, but you will be establishing yourself and keeping your losses in check.
Great suggestions BDA. Your right. I did the same thing also....... About a year after my American General ordeal. Perfect way for getting on the road to good credit. In my situation, I followed through with getting a small department store revolving charge. Used it very sparingly. And just progressed from there. This process of doing it on your own does take time though. When creditors make there quarterly reports to the Big 3.... Equifax, Experion, and Trans Union, the on time and consistance reports over the length of terms is what gives you, your "Good" financial ratings, the numbers that creditors look at. I hate suggesting things like this cause I dont know your level of self control, But something like a Capitol One card with a very low limit can also help. Just use it to pay for your fuel needs during the month. At the end of the month you need to make sure you had put the money away during that period so that you can pay the balance in full.I would suggest getting a dedicated fuel card, but it may also be a bit harder to obtain then Capitol One card I suggested. Create a separate savings account at your bank. Add $10.oo a week. Just dont take any out. This shows consistency. Mutiple reports from different creditors/financial institutions will help get you back in shape. Also check to make sure there are no bad marks or outstanding debts listed in your credit report that may be affecting things. If there are, START by taking care of these things first. Make sure all available information is correct.
 

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sheepofblue said:
Check your score and get a report. See what is bad on the report and fix it. Most people assume a good loan is the way to fix your credit rating but there are other things that factor in. For instance debt to credit ratio, renting one place for time, longevity of job, etc. Before you deal with a shark I would suggest pulling the reports and seeing if you can get with a credit union to discuss ways to improve the score (DO NOT AGREE TO ANYTHING DURING THE MEETING, INFORMATIONAL ONLY). Always remember they are selling banking services so the answer is for you to buy those services. Take the advice given and think on it before doing anything.
I completely agree here.

As for money; I'm more than willing to lend at 60% interest with a 30 day term.:deal:

After that things could get ugly.:pimpslap:







:pray:
 
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